Not Behind the Curve –Yet

The Fed's Plosser did a nice stint on CNBC with Steve Liesman this morning. The "Jawboning the Nation Tour" at the Fed is now in full swing. Technically accurate by any metric except the dollar index, its the forecast that should be focused on. Implicit in the dialog is a coming decision point. Either growth slows enough to harm prices or the Fed begins to snug. Once behind the curve, a term designed to describe a ghost, the situation ends badly under any scenario.